Agenda item - Commercial and Residential (non HRA) Property Disposals

Report of the Cabinet Member for Finance and City Regeneration

1)             Cabinet agrees in principle to the disposal of 8-11 Pavilion Buildings by way of a leasehold interest of up to 150 years and delegates authority to the Corporate Director City Services in consultation with the Assistant Director Legal and Democratic Services and the Cabinet Member for Finance & City Regeneration to negotiate the terms for the disposal and take all necessary steps to complete the transaction.

2)             Cabinet agrees to the disposal of the freehold of Montague Place and to granting an option to buy the freehold of 23-24 Montague Place on the terms set out in this report.

3)             Cabinet agrees to the disposal of Flat 4 Arcade Buildings by way of a long leasehold of 125 years on the terms as set out in this report.

4)             Cabinet delegates authority to the Corporate Director City Services in consultation with the Assistant Director Legal and Democratic Services and the relevant Cabinet Member, to finalise the terms and take any necessary steps to facilitate recommendations 2.2 and 2.3.

16.1      Cabinet considered a report that approval for disposal of three properties to mitigate the cost of retention to the council and achieve capital receipts to support the council’s investment programme.

16.2      Resolved-

1)             Cabinet agrees in principle to the disposal of 8-11 Pavilion Buildings by way of a leasehold interest of up to 150 years and delegates authority to the Corporate Director City Services in consultation with the Assistant Director Legal and Democratic Services and the Cabinet Member for Finance & City Regeneration to negotiate the terms for the disposal and take all necessary steps to complete the transaction.

2)             Cabinet agrees to the disposal of the freehold of Montague Place and to granting an option to buy the freehold of 23-24 Montague Place on the terms set out in this report.

3)             Cabinet agrees to the disposal of Flat 4 Arcade Buildings by way of a long leasehold of 125 years on the terms as set out in this report.

4)             Cabinet delegates authority to the Corporate Director City Services in consultation with the Assistant Director Legal and Democratic Services and the relevant Cabinet Member, to finalise the terms and take any necessary steps to facilitate recommendations 2.2 and 2.3.